Tune Into..

Check out our Vice President Oliver Sloup on RFD-TV touch on Grain markets have traded on both sides of unchanged as traders gear up for what is historically a more volatile time of year.

https://www.youtube.com/watch?v=Ze2qJY14w0U

Corn

Technicals (May)
Corn futures traded on both sides of unchanged in yesterday's trade, only to finish near where we started on Sunday night. All in all, the market remains rangebound but is testing trendline support from the February lows, as well as a previously important price pocket just north of the 430 level.

Bias: Bullish

Resistance: 447 1/2-450****

Pivot: 441 3/4-444 1/2

Support: 431 1/2-433 1/4*, 421-422

Fundamental Notes

• Yesterday's weekly export inspections came in at 1,238,897 metric tons (48,773,206 bushels), this was near the top end of expectations.

Fund Positioning

• Friday’s Commitment of Traders report showed that Funds were net buyers of roughly 40.8k futures/options contracts, 37.5k of that being short covering. That trims their net short position to 255,928 contracts. For those wondering where prices are when Funds were that short on the way down, May corn was at 453 3/4 and Dec was at 477 1/4.

Seasonal Trends

(Past performance is not necessarily indicative of future results)

• Below is a look at price averages for December corn, using the 5, 10, 15, 20, and 30 year averages. Though we believe we can see prices firm from these levels, we would urge Producers to temper the expectations, given the current balance sheet.

Check out the full article at Blue Line Futures.

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